04.09.2020 (www.todayonline.com) - KUALA LUMPUR, Sept 4 - Malaysian palm oil futures are set to snap six-day winning streak on Friday on forecasts of higher August stockpiles in the world's second-largest producer, although the contract is still set to clock a weekly gain of 4.3%.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange fell 34 ringgit, or 1.18%, to 2,857 ringgit ($689.26) a tonne by 0232 GMT.
Palm had climbed 2.8% to more than seven-month high in the previous session and is poised to post its second consecutive week of gains.
The market is also trading cautiously ahead of Sept. 1-5 export data by cargo surveyors due Saturday, traders said.
* Malaysia's palm oil stockpile in August is forecast to rise 6% from July as production grew 6% on-month and exports slumped, said Ivy Ng, regional head of plantations research at CGS-CIMB Research, in a note.
* Dalian's most-active soyoil contract rose 0.12%, while its palm oil contract fell 0.74%. Soyoil prices on the Chicago Board of Trade were up 0.18%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Palm oil may rise into a range of 2,910-2,946 ringgit per tonne, Reuters technical analyst Wang Tao said.
* Asia's stock markets slipped on Friday, following the steepest Wall Street selloff since June, while safer bonds and the dollar found support as investors sought shelter.
0130 Australia Retail Sales MM July
0600 Germany Industrial Orders MM July
1230 US Non-Farm Payrolls MM Aug
1230 US Unemployment Rate Aug
1230 US Average Earnings YY Aug
($1 = 4.1450 ringgit) REUTERS
Read more at https://www.todayonline.com/world/vegoils-palm-oil-set-end-six-day-rally-estimates-higher-aug-inventories